Had my bank (Bank of Scotland) telephone me today, asking me if I'd like to increase my overdraft facility and what are my plans for the future etc. Told them I was considering purchasing a couple of new vans as the current ones are 6 years old, told her I was looking at various deals with dealerships and seeing who was offering the best deal but was in no rush to make a decission. She then blurted out "we can lend you Thanks, Barney
Quite a vote of confidence in your business and you, Barney  Linda CareersPartnershipUK
“Had my bank (Bank of Scotland) telephone me today, asking me if I'd like to increase my overdraft facility and what are my plans for the future etc. Told them I was considering purchasing a couple of new vans as the current ones are 6 years old, told her I was looking at various deals with dealerships and seeing who was offering the best deal but was in no rush to make a decission. She then blurted out "we can lend you Thanks, Lion
“Quite a vote of confidence in your business and you, Barney ”Well in fairness to the woman from the bank, she seemed to be well clued up about the current situation within the construction industry, she even knew that modern day plumbing apprentices will over the course of their apprenticeship will be employed by at least 4-6 different companies. To be honest I think I'd be quite frightened and mad to take out a bank loan for vehicle finance whilst dealerships are offering 0% over 4 years against the banks 10% plus the arrangement fee.... Thanks, Barney
I genuinely believe a lot of it was media hype, along with reckless lending. Although the banks now are obviously far more cautious, if your business has a good trading history, more money comes in than goes out, then there's no reason why you will be refused a loan. It's easy money for the retail banks. If a small business isn't viable and needs a loan just to cover overheads, then regardless of the market conditions, or "just waiting for that contract", it's a high risk. I think that has been a lot of the problem, a lot of small and micro businesses have folded due to bad financial planning, or a poor business model. We wobbled ourselves when the recession first hit, high overheads, wrong model. It was fold or reinvent ourselves. Easy access to more cash just would have delayed the inevitable and made the problem worse. |
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